Deals

Tencent-Backed Travel Site Raises $180 Million in Hong Kong IPO

Tongcheng-Elong prices deal near bottom of marketed range
Hong Kong IPOs struggle amid global technology stock rout

The Chinese and Hong Kong national flags near the Hong Kong Stock Exchange.
Photographer: Xaume Olleros/Bloomberg

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By Crystal Tse

November 21, 2018 at 12:57 AM UTC

This article is for subscribers only.

Tongcheng-Elong Holdings Ltd., a Chinese travel website backed by Tencent Holdings Ltd., raised $180 million after pricing its Hong Kong initial public offering near the bottom of a marketed range.

The Jiangsu-based company priced its sale of 143.8 million shares at HK$9.80 apiece, according to terms for the deal obtained by Bloomberg on Wednesday. The shares were offered at HK$9.75 to HK$12.65 each.